A Lawyer for Payday Lenders Is Confirmed for FTC Job
The new director of the Federal Trade Commission’s consumer protection unit, a watchdog with broad investigative powers over private companies, stands out even in an administration prone to turning over regulatory authority to pro-industry players, reports The New York Times.
Andrew M. Smith was part of the legal team that in 2012 defended AMG Services, the payday lender founded by the convicted racketeer Scott Tucker, whose predatory practices against impoverished borrowers eventually led to a $1.3 billion court-ordered settlement, the biggest in the commission’s history, , according to reporters Glenn Thrush and Jack Nicas.
Because of his representation of companies like Facebook, Uber and Equifax, banks, lenders and credit-reporting agencies — all companies with matters before the commission — he will have to recuse himself from dozens of cases.
